Cryptocurrency analyst Miles Deutscher has provided into potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins consolidate after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant upside movement.
BTC, AVAX, And INJ Stand Out Amid Market Correction
Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentions, noting that it is currently retesting the break of an ascending channel on the daily chart.
Deutscher suggests that the recent market correction was necessary to flush out over-leveraged positions and sees the price action as reminiscent of previous bull market environments.
Another altcoin that Deutscher highlights is Avalanche (AVAX), which he describes as one of the clear altcoin leaders. Despite the market downturn, AVAX quickly recovered from the dip, and Deutscher expects further continuation.
However, the analyst points out that the risk-reward ratio for AVAX is diminishing, and suggests considering other rotation plays that have not experienced a significant price appreciation.
Injective Protocol (INJ) is another standout performer mentioned by Deutscher. Despite the broader altcoin market downturn, INJ has remained in the green, showing a 17% increase over the past 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests accumulating on major pullbacks.
Deutscher also draws attention to Celestia (TIA), a coin that has displayed resilience during the recent market correction. The analyst notes the strong “Solestia” narrative surrounding TIA, with several significant projects set to launch soon, indicating potential insider interest.
Immutable X (IMX) is highlighted as a leading altcoin in the gaming sector. Deutscher mentions its push towards the next resistance level at $2.60 and emphasizes its strong fundamentals, with over 400 games launching on the platform.
PrimeDAO (PRIME) is one of Deutscher’s top gaming picks. The popularity of their game, Parallel, is growing, and the upcoming Coinbase listing for retail traders is viewed as a significant catalyst. Deutscher suggests that PRIME is currently in price discovery mode, and further upward movement would not be surprising.
Undervalued Altcoins To Watch
Moving on to altcoins that have not experienced as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui(SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in the current market conditions.
Near Protocol (NEAR) is another coin that Deutscher believes could have a breakout moment. The analyst notes the lack of significant resistance on the way to $5, indicating the potential for substantial price movement.
Deutscher also discusses Arbitrum (ARB), suggesting that people are considering it as a potential rotation play. Deutscher speculates that the launch of a meme coin and the upcoming Coinbase Futures listing of Arbitrum could attract liquidity and initiate a mini Layer 2 (L2) season.
Within the Solana ecosystem, Deutscher highlights the recent airdrops of Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz surrounding airdrop farming and suggests that opportunities may still exist within the ecosystem.
Deutscher concludes by mentioning Frax Share (FXS), noting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.
Featured image from Shutterstock, chart from TradingView.com